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Cruzeiro Impact on Peers Seen as Temporary

Jun 5, 2012

Despite assets taking a hit, investors were not terribly concerned for the Brazilian mid-size banking sector following the announcement of a temporary takeover of payroll lender Cruzeiro do Sul, citing noncompliance with financial standards. Cruzeiro’s bonds dropped Monday, with the 2020's closing at 48-54, or 22% yield, according to investors, down from levels of around 80. B2 rated Cruzeiro’s troubles may cause an uptick on borrowing costs, but it is not expected to be permanent. “There is...

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"[While] it’s good to build more infrastructure and increase investment, you have to be conscious about the macro effects of too big an increase in domestic demand, including of course public expenditure."

Julio Velarde, Peru central bank


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